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Replies (24)
- battlescarred
- Contributions:86
........I think it's fair to call it quits if my home value has ended up being 1/3 less than what my realtor represented to me in the beginning! Sure, he's put time and effort into selling my home and I wish he would be the one to sell it, but it's not working out for me. At 260K (75k below appraisal) I would walk away with nothing to put down on a new place. I may as well bite the bullet and stay put (my taxes and insurance have shot up, which is why I wanted to move in the first place). I feel he is pressuring me way too hard to give my house away.
I wouldn't do it. Take it off the market. As an agent, this *really* pisses me off. There is no way in hell (excuse my french) that he would sell his house that far under appraisal. DO NOT let him pressure you. DO NOT lower your price.
- Catherine Kim
- Contributions:162
I agree with Marci, we are taking ours off the market too. Buyers are either afraid to buy, can't get a loan, or have totally unrealistic expectations and are waiting for the final bottom. If you don't have to sell just walk away for now. Bottoms can't last forever and if the market does crash are you really going to be worse off then you would be by selling at a loss? Are people just going to evaporate off the face of the earth or continue to rent forever?? Some agents are getting desperate, don't let some desperate agent push you into something.
- Justyn Kearney, "Justyn Kearney"
- Contributions:1002
I agree with Marci. He just wants a sale. If you are ok with staying then do so and consider moving once the market has picked back up. What the price reductions show is what my feel is right now.....price really doesn't matter that much, the buyers still aren't there. To a point it does of course matter, however I see huge reductions all over the place without it selling.
- Alan May
- Contributions:4377
This agent did you no service, and deserves to be fired. Next time, interview 3 agents, or more, and figure out what the consensus of pricing is... and follow that direction.
Battlescared,
You're not alone: I had a similar experience. Unless you have to sell, take it off the market, fight your tax appraisal pointing to market conditions and stay put for a while. Give your agent the heave ho!
You're not alone: I had a similar experience. Unless you have to sell, take it off the market, fight your tax appraisal pointing to market conditions and stay put for a while. Give your agent the heave ho!
- Nancy Brooks-Haslam, "ROBINS AFB GEORGIA"
- Contributions:219
My sentiments exactly Marci...there is no way this house could have dropped $115k in a short timeframe so ask him how accurate his CMA was at the time of listing!! Suggest getting another Realtor's or appraiser's opinion.
No kidding Nancy! He must not be very good if he were that far off on the CMA.
- Nancy Brooks-Haslam, "ROBINS AFB GEORGIA"
- Contributions:219
Right on...just fire him ASAP. I don't know how he got in the top 1% or whatever and with soooo many assistants!!
- teardowns dotcom, "Teardowns.com"
- Contributions:938
That's a severe price fluctuation - to me it's almost embarassing on the part of the agent.
If anything, he should have asked you to price it lower than the $375K but allowing you to reject any and all offers in order to create a buzz right out of the gate. Maybe you would have captured one of the few buyers that came through, perhaps there could have been more than a few had the price been better.
It may take a while to finally get a sale - so sit back and relax for a bit.
But keep your seatbelt on, there may still be some rough road ahead!
If anything, he should have asked you to price it lower than the $375K but allowing you to reject any and all offers in order to create a buzz right out of the gate. Maybe you would have captured one of the few buyers that came through, perhaps there could have been more than a few had the price been better.
It may take a while to finally get a sale - so sit back and relax for a bit.
But keep your seatbelt on, there may still be some rough road ahead!
- battlescarred
- Contributions:86
Wow, thank you all for your input! I'm considering keeping the house on the market at the current price (300k) which my agent insists on listing at 299,999k, and waiting thru the rest of the year, at least. I've heard that this isn't the worst housing market in recent decades, but it sure seems that way!
- Alan May
- Contributions:4377
battleSS
While you're still listed with mr. 13 assistants, have a few other realtors come in and give you fresh CMA's (yes, it's allowed... Mr.13 won't like it, should he find out, but tough-nuggets to him!)... make sure from that consensus that the $300,000 price range is correct.
If it is, then switch to one of the new 3 that you like (you can't really do any worse than the one you have)
If the consensus says it should be higher (or even lower)... fire Mr. 13, and keep it off the market 'till Spring market, and bring it back on with the new realtor that you like.
Keeping it on at $299,999, with Mr. 13, will just reward him with a sale, for being a bad agent. I don't recommend rewarding bad agents.
While you're still listed with mr. 13 assistants, have a few other realtors come in and give you fresh CMA's (yes, it's allowed... Mr.13 won't like it, should he find out, but tough-nuggets to him!)... make sure from that consensus that the $300,000 price range is correct.
If it is, then switch to one of the new 3 that you like (you can't really do any worse than the one you have)
If the consensus says it should be higher (or even lower)... fire Mr. 13, and keep it off the market 'till Spring market, and bring it back on with the new realtor that you like.
Keeping it on at $299,999, with Mr. 13, will just reward him with a sale, for being a bad agent. I don't recommend rewarding bad agents.
- fairygirl43
- Contributions:760
So sorry this has happened to you battleSS. But I agree with everyone above - give that agent the heave ho! Been there with lousy realtors and they really wasted our time (6 months of it). I think you pull your house off, get all the information you can from several other realtors, then decide what you want to do. If you want to re-list and hope you're one of the few on the market between October and February, then go for it. If you want to wait until spring, just realize that a lot of other sellers are going to do the same thing. Not that I'm advocating being on the market right now. You should just be aware of your options. And also be aware of the supposed next adjustment of the ARMS (I'm hearing March 2008).
It didn't help that Jim Cramer was on the Today show this morning telling buyers not to buy right now and that housing prices are going to continue to fall. Yikes!
It didn't help that Jim Cramer was on the Today show this morning telling buyers not to buy right now and that housing prices are going to continue to fall. Yikes!
- albert2
- Contributions:9
The appraisal on a home is suppose to reflect its market value. What you can sell it for on the market. If you are in a falling market, this means last months comps are too high. Whether it be tight money supplies, poor economy or whatever, your house is only worth what a willing buyer will pay and all the real estate agents in the world cannot change that fact. If you cannot afford to sell at the market price, pull it off the market (stale listings raise inventory and drag down prices further), otherwise, believe your agent that the bottom will not come for another year plus. I appreciate these boards, but you guys have to stop drinking the kool-aid. YOUR HOUSE IS WORTH WHAT THE MARKET SAYS IT IS WORTH. Quit blaming your agent or buyers sensible decision to wait. Question--how much commission are you being charged?
Actually albert2, around here, appraisals will come in higher than what you can sell it for. Getting an appraisal before you list is a waste of money IMO.
- Alan May
- Contributions:4377
>> The appraisal on a home is suppose to reflect its market value.<<
An appraisal is NOT designed to reflect "market value". It's designed to reflect, as Durenda said, the value based on recent sales (typically less than 6 mnts), based only on square footage, room count, and proximity to the subject property (usually less than a mile).
An appraisal does NOT take into account curb appeal, desireability of location or school district, corner lot, view, that awful smell coming from the basement, the air flight pattern of LAX, the flintstones who live next door (the car with no engine sitting on the front lawn)... etc...
Market value is a little more intangible, than appraisal.
An appraisal is NOT designed to reflect "market value". It's designed to reflect, as Durenda said, the value based on recent sales (typically less than 6 mnts), based only on square footage, room count, and proximity to the subject property (usually less than a mile).
An appraisal does NOT take into account curb appeal, desireability of location or school district, corner lot, view, that awful smell coming from the basement, the air flight pattern of LAX, the flintstones who live next door (the car with no engine sitting on the front lawn)... etc...
Market value is a little more intangible, than appraisal.
- fat HOMER SIMPSONS ANGRY BITTER RENTER, "FlipofftheFlipper"
- Contributions:1153
Wow, what area are you in? That's a big steep drop in price in just 6 weeks. I have seen a lot of houses in Southern CA with 20% drop and they are still on the market. These guys bought in 2005 so they are desperate to sell.
- heyharris1
- Contributions:153
I never would havr droped it to begin with, i would have asked well if your such a professional how come you could'nt price my house right to begin with. i tell you what, i'll drop the price and then you make up the difference with a big ol' fat check, how's that sound. I think my realtor hate's me
- hamiltt
- Contributions:16
listen to your real estate agent instead of yourself. They are the experts.
- Trevor Elliott - CSP, GRI, "trevorelliott"
- Contributions:175
Battle
Have him do a CMA today of what has sold in the area. Ask him to justify this reduction. Then ask him to lower his fee, by one percent and then ask him for a showing log, advertising, website hits and showing feedback. If he does not have it, he is too busy getting new business to service what he has. Even with 13 assistants your home is easily falling thru the cracks. Someone needs to take responsibility for its marketing.
Have him do a CMA today of what has sold in the area. Ask him to justify this reduction. Then ask him to lower his fee, by one percent and then ask him for a showing log, advertising, website hits and showing feedback. If he does not have it, he is too busy getting new business to service what he has. Even with 13 assistants your home is easily falling thru the cracks. Someone needs to take responsibility for its marketing.
- battlescarred
- Contributions:86
Trevor,
I know it doesn't sound like it from what I've described, but he's actually been what I would consider a good realtor: they do send me lots of feedback. In fact, this realtor has spent lots of time with me when discussion was needed, and keeps me apprised of hit data from the MLS, etc. The comps in my neighborhood have indeed gone down, but only after the sales slowed to almost nonexistant in the past 3 months. My next door neighbor's house is pending, and my realtor investigated for me right away and found that the sellers were paying one year of mortgage payments for the new buyer in order to sell a 4 bedroom with 800 sf more than my house, for $359k. It's been on the market 4 months longer than mine has.
He always has returned my phone calls and emails in short order.....except for the last one I sent to him telling him I was considering taking my home off the market. I honestly think that sales have dried up so much that he is feeling a twinge of desperation what with having to support his staff. And, he may be right about where the market is headed, and he may be right that my home won't sell at this price. The market here is a bloodbath. The only offer I got on my house was for $107k below my already discounted asking price of $300k.
There are three things I do not like that my realtor has done: he had my home priced too high to begin with, when there was a hope of selling it in May; he tells me that when I don't sell at a lowered price that the market has spoken and I should lower it more, EVEN THOUGH THERE ARE NO BUYERS (which I keep pointing out to him); and he now seems put out that I won't lower my price any more than the 20% I already have.
Compared to the national averege, housing is not that expensive in Central Florida, but the average income is below the national average. These two things will need to even out more before health returns to this housing market.
I know it doesn't sound like it from what I've described, but he's actually been what I would consider a good realtor: they do send me lots of feedback. In fact, this realtor has spent lots of time with me when discussion was needed, and keeps me apprised of hit data from the MLS, etc. The comps in my neighborhood have indeed gone down, but only after the sales slowed to almost nonexistant in the past 3 months. My next door neighbor's house is pending, and my realtor investigated for me right away and found that the sellers were paying one year of mortgage payments for the new buyer in order to sell a 4 bedroom with 800 sf more than my house, for $359k. It's been on the market 4 months longer than mine has.
He always has returned my phone calls and emails in short order.....except for the last one I sent to him telling him I was considering taking my home off the market. I honestly think that sales have dried up so much that he is feeling a twinge of desperation what with having to support his staff. And, he may be right about where the market is headed, and he may be right that my home won't sell at this price. The market here is a bloodbath. The only offer I got on my house was for $107k below my already discounted asking price of $300k.
There are three things I do not like that my realtor has done: he had my home priced too high to begin with, when there was a hope of selling it in May; he tells me that when I don't sell at a lowered price that the market has spoken and I should lower it more, EVEN THOUGH THERE ARE NO BUYERS (which I keep pointing out to him); and he now seems put out that I won't lower my price any more than the 20% I already have.
Compared to the national averege, housing is not that expensive in Central Florida, but the average income is below the national average. These two things will need to even out more before health returns to this housing market.
Where are you at in Fla? Central Fla can be a tough market unless you are near the mouse house and someone is looking for a second home based on that.....
- battlescarred
- Contributions:86
I'm in Winter Park....zip code 32792
- teardowns dotcom, "Teardowns.com"
- Contributions:938
>>It didn't help that Jim Cramer was on the Today show this morning telling buyers not to buy right now and that housing prices are going to continue to fall. Yikes!>>
Does anybody take Cramer that seriously? He's been pretty heavily criticized for his outlook on the housing market recently.
But then again, haven't most of us on this board?? lol!
Does anybody take Cramer that seriously? He's been pretty heavily criticized for his outlook on the housing market recently.
But then again, haven't most of us on this board?? lol!
Dismayed
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- 0.0/5.0
Contributions:86The problem is that about 6 weeks before I put my home on the market he advised me to list for $375k. Because this represented a decent profit, I decided to go forward and list my home for sale. After I had some repairs done I put it on the market and had a few showings, but no offers. After 60 days my realtor advised me to lower the price to $345k, which I agreed to. The showings all but dried up. He then said that I should set the market, not chase it, which I agreed to and put my house at $315K. Nothing. We had two open houses that had 4 or 5 "units" visit, and no offers. We then lowered the price to 300k, which was just like not doing anything at all as far as generating showings. My whole neighborhood has remained stagnant in sales, where 2 years ago the comps were selling for above my original asking price and up to 500k.
Now, he suggests I lower my price to $260k, which is where he predicts the market will be in a year. Well, I cannot afford to do that and told him that I will just stay in my home then, rather than lower the price that much. He is now acting sarcastic and perhaps upset at my suggestion of taking my home off the market. He always points to "unrealized gain" and tells me that I'm being unrealistic. Well, I know the market is tight but I have to point out that the pool of buyers is dried up for now, and no amount of lowering my price is going to change that. Anyone who wants a home of that price can find one. It just won't be in my really nice neighborhood.....see next post....
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